Political Quotes

“Mr. President, our colleagues on the other side of the aisle have an interesting grasp of history. How else can you explain their choice of this week to push for the repeal of the most significant Wall Street reform since the Great Depression? For those who need a reminder, it was 24 years ago this week, October 19, 1987, that the Dow Jones Industrial Average suffered the largest 1-day percentage drop in history. It was known as Black Monday. The Dow Jones lost 508 points that day, more than 22 percent of its value, $500 million in wealth destroyed in 1 day. It took the Dow Jones Average 2 years to recover from Black Monday. Financial markets had not experienced such a disastrous decline since the stock market crash of 1929 that set off the Great Depression. Most of us thought we would never again see such an event. Then came the financial crisis of 2008. In between time, I might mention, there was a savings and loan crisis. But then came the 2008 financial crisis. And 3 years after the near collapse of AIG set off the 2008 financial crisis, big banks and big Wall Street investment firms are once again extremely profitable. Most of the banks reported their earnings this week, and the biggest names made the biggest profits ever. Wall Street CEOs are still pulling down salaries and bonuses worth tens of millions of dollars a year, hundreds of times more than the average worker's income. Most Americans are still struggling.…”